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Elon Musk and CZ Get Into Twitter Spat Amid Binance&s;s Technical Issues With Dogecoin

source-logo  coincodex.com 24 November 2021 08:57, UTC

Key highlights:

  • Binance halted Dogecoin withdrawals about two weeks ago due to technical issues
  • Tesla CEO Elon Musk called out the exchange on Twitter, and Binance CEO Chanpgeng "CZ" Zhao fired back
  • Binance says that it's rebuilding its Dogecoin wallet software, and that the delay could last another week

Dogecoin issues at Binance lead to Twitter spat between Elon Musk and CZ

Dogecoin always finds a way to get into the conversation in the cryptocurrency community. This time, Dogecoin became the center of attention after a Twitter spat between Binance CEO Changpeng “CZ” Zhao and Tesla CEO Elon Musk. The exchange of tweets between the two billionaires revolved around Dogecoin-related technical issues at Binance.

After the release of the Dogecoin Core 1.14.5 software about two weeks ago, Binance announced a temporary suspension of DOGE withdrawals from its exchange on November 11 due to technical issues. At the time, the exchange said that the withdrawal suspension was expected to last between 10 and 14 days. 

According to Binance, 1,674 users received their old Dogecoin transactions back after the exchange upgraded to the latest version of the Dogecoin software. The reason why other cryptocurrency exchanges weren’t affected is because Binance uses “a different technical wallet set-up” for Dogecoin. Binance says that the reason for the prolonged delay in withdrawals is because they have to rebuild their Dogecoin wallet from scratch. In a tweet posted yesterday, the official Binance Twitter account said that the delay is expected to last “another week or so”. 

(Thread) An update on the issue we’re having with $DOGE withdrawals:

The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.

— Binance (@binance) November 23, 2021

Users who have DOGE on Binance have understandably been expressing their frustration over the situation. Elon Musk, the most prominent Dogecoin supporter on social media, directed a tweet at CZ and said that the Dogecoin situation on Binance “sounds shady”. In another tweet, Musk said that “Doge holders using Binance should be protected from errors that are not their fault”. 

CZ didn’t take kindly to Musk describing the situation as “shady” and fired back by linking a news article covering Tesla’s recall of 12,000 vehicles over safety concerns, presumably to show that all companies have to occasionally deal with technical issues. 

After the initial spat, the two billionaire entrepreneurs struck a more amicable tone.

Sounds good

— Elon Musk (@elonmusk) November 23, 2021

Dogecoin is currently the 10th largest crypto asset on the market, thanks to its market capitalization of $28.8 billion. However, the 11th-ranked Avalanche is closing in on the crypto top 10 after its recent rally, and currently sits at a market cap of $26.3 billion. 

coincodex.com